Credited with pioneering the ready-to-eat food segment in the country, Maiya plans to develop his four-year-old startup into a $100-million revenue company by end of this decade.Boby Kurian&Samidha Sharma | TNN | May 18, 2016, 16:35 IST

The company's products will be spread across snacks, sweets, instant mixes, spices, and ready-to-eat and cook categories.BENGALURU: The storied food entrepreneur P Sadananda Maiya, who sold his MTR Foods eight years ago, has raised Rs 200 crore, led by priva te equity investor Peepul Capital, to aid the expansion plans of Maiyas Beverages & Foods. Credited with pioneering the ready-to-eat food segment in the country , Maiya plans to develop his four-year-old startup into a $100-million revenue company by end of this decade.

Peepul Capital, which manages Indian assets worth $700 million, and existing investor Ascent Capital will back the food venture to build a portfolio of products under the `Maiyas' brand, targeted at the busy urban consumer. The company's products will be spread across snacks, sweets, instant mixes, spices, and ready-to-eat and cook categories. Maiya, 65, launched the company just under four years ago after his no-compete with the Norwegian giant Orkla, which acquired MTR Foods, expired in 2012.

“We are witnessing a growing demand for healthy and convenient food products from urban households. We have a large pipeline of innovations which will be rolled out after the latest funding,“ Maiya told TOI.

India's combined market for snacks, sweets and spices is seen to be topping Rs 1lakh crore. “We have identified food products and services as a high-growth area within the domestic consumption story ,“ said Srini Vudayagiri, director, Peepul Capital.